British Land Company Plc (BLND) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

results you will have noticed quite a few changes on the campus over the last year since we were last here and if you do get a little bit of time after the presentation do check out the retail underneath one broad gate it launched last week and it's already 90 percent Latin under offer which is a pretty good place to be So in terms of today's agenda, I'll start with an overview. David will take you through the first half performance and also our earnings levers. And then Kelly will look at our strong leasing and accretive asset management over the period. But before I hand over to David, I'd like to take a step back and look at what's driving the future performance of the business. At the heart of this is the decision we took nearly five years ago to build a market-leading position in campuses and retail parks. Together, these now represent 90% of our business. These are sectors with strong occupational fundamentals. Demand's healthy, supply is constrained, and rents are very affordable. The investment market is waking up to this. Investors are increasing their allocations to both retail and offices. and we're very well placed to capitalise on this. That's down to the quality of the assets, the experience of our team, and our value-add mindset. The result? A very attractive total return profile, underpinned by sustainable earnings growth. So let's unpack this, starting with prime London offices, where a classic supply crunch is driving strong rental growth. The return to the office has exceeded expectations, Midweek utilisation across our campuses is now above pre-pandemic levels. Businesses are short on space. Last year they expanded by 3.3 million square feet, the highest since 2019. And active demand is now 50% above the long-term average. But supply remains tight...